LiveMore become the first dedicated over-50s lender to offer automated DIP

08 August 2023

LiveMore has built a brand-new mortgage origination platform in-house, incorporating a comprehensive Decision in Principle (DIP) capability, resulting in an enhanced broker and customer journey.

This enriched DIP helps brokers deliver tailored service to their clients by giving immediate decisions in principle across LiveMore’s entire product range, providing them with certainty over a shorter time frame.

The mortgage lender for the 50-90+ age group was set up in 2020 and its technology was initially outsourced to a third-party provider. Having made significant inroads into the later life lending market, the next phase for LiveMore was to build its own technology from scratch.

This creates a solid foundation for LiveMore to innovate quickly and help brokers to find the best solution for their clients, while continually working on new enhancements.

Over the past nine months, LiveMore’s technology team has created a much more flexible architecture with easy-to-use affordability calculations and an automated DIP along with ESIS forms. Full mortgage applications can then be submitted and there is no rekeying of information as it is stored automatically.

The automated DIP returns an immediate response on declared information and conducts a soft credit search at the same time. This solves two problems for brokers - the first is speed, and secondly, it provides certainty that the application is likely to proceed. This is important as many of LiveMore’s clients have intricate requirements so it has a four-tier criteria strategy to guide the broker to the most suitable product.

The system can also show the maximum borrowing amount on different products, taking into account all income and circumstances such as unusual property construction, debt consolidation and adverse credit.

Leon Diamond, CEO and founder of LiveMore, commented: “Having built up LiveMore into a successful, highly capable and competitive lender shaking up the 50-90+ mortgage space, it made perfect sense for us to bring our technology in-house. The timing was right and our expert technology team has been busy creating this state-of-the art DIP and origination portal.
“Going forward, we have a roadmap of improvements so the next stage will be working on new functionality to enrich the broker journey even more.”

LiveMore’s roadmap consists of innovative features such as a counter-offer and affordability sandbox. With the counter-offer, if one product doesn’t work, LiveMore will automatically suggest a potential alternative, so brokers will have a product to offer their client.

There is also work being undertaken on an affordability sandbox, experimenting with income and assets to maximise affordability for clients.